Research Triangle Park, NC March 2, 2007 Nanotechnology company Liquidia Technologies announces the closing of $16 million in funding to accelerate development of applications related to their PRINTTM technology platform. The Series B financing, led by New Enterprise Associates (NEA), will enable scale up of Liquidia's PRINTTM platform manufacturing capabilities, acceleration of preclinical testing and development in life sciences, and expansion of product development activities in specific alternative energy and materials science applications. The financing also includes strong syndication from existing investors, Wakefield, Firelake Capital, and Dr. Lowry Caudill and Dr. Al Childers, founders of Magellan Labs.
"NEA's track record in life sciences and materials science investments will be of strategic importance to Liquidia in the coming years," said Steve Nelson, Interim CEO at Liquidia and managing director at Wakefield Group. "The firm will add depth across the unusual breadth of market opportunities accessible at Liquidia. We welcome NEA to the team."
In addition to the venture finance partnership, Liquidia has appointed NEA Partner Ravi Viswanathan and Venture Partner Dr. Ralph Snyderman to its board of directors. NEA Partner Mike Raab will join the board of directors as an observer.
"North Carolina and NEA both bring to Liquidia demonstrated strength in technology and life sciences," commented Dr. Snyderman. "NEA's two investment teams come together here and look forward to working with this group of talented professionals bringing life science, alternative energy, and optical film products to market."
Liquidia is focused on commercializing its proprietary PRINTTM (Pattern Replication In
Non-wetting Templates) platform in life sciences applications that will include targeted
delivery therapeutics, drug product reformulations, and drug-device combination therapies. In materials science, the company is focused initial
Contact: Aris Baras
Liquidia Technologies, Inc.